Stephen Elop may now be working for Microsoft as head of its hardware division, but he will still be getting a nice "golden parachute" payment from his former company, Nokia. In fact, his final payday from Nokia will be much higher than originally announced.

Reuters reports that Elop will now receive a total of 24.2 million euros ($33.4 million) in cash and stock from Nokia for serving as its CEO from 2010 to 2013 and as its executive vice-president for the last few months until last week's transfer of the smartphone division to Microsoft.

Originally, Elop was supposed to get "just" 18.8 million euros ($25.5 million) from Nokia when the deal was announced in September. However, the company's stock price has been going up since then which caused his final fee to become much higher. Microsoft will actually be paying 70 percent of Elop's severance package as part of its deal to purchase Nokia's Devices and Services division.

With Elop now the head of Microsoft's devices division, and working under its new CEO Satya Nadella, it will be interesting to see if he can lead the company's charge in improving its efforts to sell more hardware products, particularly with new Windows Phone models.